Exhibit 99.2

PROFOUND MEDICAL CORP.

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

PRESENTED IN US DOLLARS (000s)

Profound Medical Corp.

Going concern (note 2)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp.

Supplemental cash flow information:

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp. (Profound) and its subsidiaries (together, the Company) were incorporated under the Ontario Business Corporations Act on July 16, 2014. The Company is a medical technology company developing treatments to ablate the prostate gland, uterine fibroids, osteoid osteoma and nerves for palliative pain relief for patients with metastatic bone disease.

The Company’s registered address is 2400 Skymark Avenue, Unit 6, Mississauga, Ontario, Canada, L4W 5K5.

Basis of preparation

The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), applicable to the preparation of interim condensed consolidated financial statements, including International Accounting Standards (IAS) 34, Interim Financial Reporting. These interim condensed consolidated financial statements are presented in US dollars and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023, which were prepared in accordance with IFRS Accounting Standards.

These interim condensed consolidated financial statements are prepared in accordance with the accounting policies as set out in the Company’s annual consolidated financial statements for the year ended December 31, 2023. The presentation of these interim condensed consolidated financial statements is consistent with the presentation of the annual consolidated financial statements. The Board of Directors approved these consolidated financial statements on November 7, 2024. These consolidated financial statements comply with IFRS Accounting Standards.

The interim condensed consolidated financial statements were prepared on a going concern basis under the historical cost convention. The fair values of cash, trade and other receivables, accounts payable and accrued liabilities and lease liability approximate their carrying values, due to their relatively short periods to maturity. The fair value of the long-term debt approximates its carrying amount as it has a floating interest rate.

Going concern

The Company is subject to a number of risks, including the successful development and marketing of its products and the ability to raise additional financing to support these activities. The Company depends on various financing from investors or other sources of capital to fund its operations, achieve its business plan and the realization of its assets and liabilities in the normal course of operations.

Management believes that current cash balances as of September 30, 2024 will not be sufficient to finance all of its planned business operations over the next year. The Company intends to seek additional financing from investors or other sources of capital in order to fund its operations and activities over the next year. There can be no assurance that the steps management are taking will be successful. Considering the need for additional financing, there exists a material uncertainty that may raise significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about the Company’s ability to continue as a going concern.

These interim condensed consolidated financial statements have been prepared on a going concern basis, which asserts the Company has the ability in the near term to continue to realize its assets and discharge its liabilities and commitments in a planned manner giving consideration to the above and expected possible outcomes. Conversely, if the going concern assumption is not appropriate, adjustments to the carrying amounts of the Company's assets, liabilities, revenues, expenses and balance sheet classifications may be necessary, and these adjustments could be material.

Accounting standards adopted during the year

Beginning on January 1, 2024, the Company adopted certain IFRS Accounting Standards and amendments:

The adoption of these amendments did not have a material impact on the interim condensed consolidated financial statements.

Accounting pronouncements issued but not yet effective

The IASB has issued classification, measurement and disclosure amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures with an effective date for annual reporting periods beginning on or after January 1, 2026. The amendments clarify the date of recognition and derecognition of some financial assets and liabilities and introduce a new exception for some financial liabilities settled through an electronic payment system. Other changes include a clarification of the requirements when assessing whether a financial asset meets the solely payments of principal and interest criteria and new disclosures for certain instruments with contractual terms that can change cash flows (including instruments where cash flows changes are linked to environment, social or governance targets).

IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18) is a new standard that will provide new presentation and disclosure requirements and which will replace IAS 1, Presentation of Financial Statements (IAS 1). IFRS 18 introduces changes to the structure of the income statement; provides required disclosures in financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements; and provides enhanced principles on aggregation and disaggregation in financial statements. Many other existing principles in IAS 1 have been maintained. IFRS 18 is effective for years beginning on or after January 1, 2027.

During July 2024, the IFRS Interpretations Committee (IFRIC) issued an agenda decision related to segment reporting. Items are required to be disclosed if the amounts are either regularly provided to the chief operating decision maker or are included in arriving at the segment measure of profit or loss that is reviewed by the chief operating decision maker. The adoption of these pronouncements are currently being assessed.

The trade and other receivables balance comprises the following:

Management periodically reviews the future cash flows used in the calculation of the amortized cost of its trade and other receivables. Due to limited access to customer locations, certain gross trade receivables totalling $3,035 are expected to have a longer repayment term due to the payment term being based on installation of the device. The Company recognized $70 and $238 of interest income for the three and nine months ended September 30, 2024, respectively, $40 and $119 of interest income for the three and nine months ended September 30, 2023).

The Company applies the simplified approach to provide for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. Trade receivables past due represents amounts not collected beyond the customer’s contractual terms. At September 30, 2024 there were $639 of trade receivables that were past due (December 31, 2023 - $648).

At September 30, 2024, the expected loss rates are based on comparable company payment profiles of sales over a period of 36 months before September 30, 2024 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current information on macroeconomic factors affecting the ability of the customers to settle the receivables.

The loss allowance as at September 30, 2024 for trade receivables is as follows:

¹ Due to limited access to customer locations, certain gross trade receivables not included in the table above totalling $3,035 are expected to have a longer repayment term due to the payment term being based on installation of the device and therefore collection of the amount is outside the control of the Company. The Company applied a 20% expected loss rate to these gross trade receivables resulting in a $600 increase in the loss allowance for the three and nine months ended September 30, 2024.

During the three and nine months ended September 30, 2024, $1,005 and $2,279, respectively (three and nine months ended September 30, 2023, $496 and $1,479) of inventory was recognized in cost of sales. The Company decreased its inventory provision by $1 during the three months ended September 30, 2024 and increased its provision by $13 during the nine months ended September 30, 2024 (increased its inventory provision by $8 and $10 during the three and nine months ended September 30, 2023). There were no other inventory write-downs charged to cost of sales during the period ended September 30, 2024.

The Company leases office premises in Mississauga, Canada. The lease agreement ends on September 30, 2026 with the rights to extend for another 5 years, which is not reasonably certain.

On November 3, 2022, the Company signed a term loan agreement with CIBC Innovation Banking (CIBC) to provide a secured loan for total gross proceeds of C$10,000 maturing on November 3, 2027 with an interest rate based on prime plus 2% (CIBC Loan). The Company was required to make interest only payments until October 31, 2023 and monthly repayments of C$208 plus accrued interest commenced on October 31, 2023. All obligations of the Company under the CIBC Loan are guaranteed by current and future subsidiaries of the Company and include security of first priority interests in the assets of the Company and its subsidiaries. Initially, the Company had financial covenants in relation to the CIBC loan where unrestricted cash is at all times greater than EBITDA for the most recent six-month period, reported on a monthly basis and that revenue for any fiscal quarter must be 15% greater than revenue for the same fiscal quarter in the prior fiscal year, reported on a quarterly basis.

On September 26, 2023 an amendment to the CIBC Loan resulted in a change to the financial covenants. The amended covenants are that unrestricted cash must at all times be greater of: (i) to the extent EBITDA is negative for such period, EBITDA for the most recent nine-month period or (ii) $7,500, reported on a monthly basis; and that recurring revenue for any fiscal quarter must be 15% greater than recurring revenue for the same fiscal quarter in the prior fiscal year, reported on a quarterly basis.

On May 3, 2024, a second amendment to the CIBC Loan resulted in another change to the financial covenants. The amended covenants are that the recurring revenue covenant shall not be tested for any fiscal quarter in the 2024 fiscal year so long as unrestricted cash is no less than 2.5 multiplied by the principal amount of outstanding CIBC Loan at all times. The Company is in compliance with these financial covenants as at September 30, 2024. Based on the Company’s future cash flow forecasts, if additional financing or other sources of capital is not raised by the end of the second half of 2025, the Company may have difficulty complying with the unrestricted cash covenant.

Common shares

The Company is authorized to issue an unlimited number of common shares.

Issued and outstanding (with no par value)

On January 2, 2024, the Company closed a public offering, resulting in the issuance of 2,666,667 common shares at a price of $7.50, for gross proceeds of $20,000 ($18,238, net of transaction costs). On January 16, 2024, the Company closed a non-brokered private placement, resulting in the issuance of 391,667 common shares at a price of $7.50, for gross proceeds of $2,938 ($2,841, net of transaction costs).

Share options

Compensation expense related to share options for the three and nine months ended September 30, 2024 was $96 and $394, respectively (three and nine months ended September 30, 2023 was $264 and $972). A summary of the share option changes during the period presented and the total number of share options outstanding as at those dates are set forth below:

The Company estimated the fair value of the share options granted during the period using the Black-Scholes option pricing model with the weighted average assumptions below:

The following table summarizes information about the share options outstanding as at September 30, 2024:

Long-term incentive plan

Share-based compensation expense related to long-term incentive plan (LTIP) for the three and nine months ended September 30, 2024 was $508 and $1,745, respectively (three and nine months ended September 30, 2023 was $463 and $1,538, respectively).

A summary of the RSU changes during the year are set forth below:

A summary of the DSU changes during the period are set forth below:

Foreign currency risk

Foreign currency risk occurs as a result of foreign exchange rate fluctuations between the time a transaction is recorded and the time it is settled.

The Company purchases goods and services denominated in foreign currencies and, accordingly, is subject to foreign currency risk. The Company’s financial instruments denominated in foreign currencies are shown below in US dollars.

As at September 30, 2024, if foreign exchange rates had been 5% higher, with all other variables held constant, loss and comprehensive loss would have been $285 higher, mainly as a result of the translation of foreign currency denominated cash, trade and other receivables, accounts payable and accrued liabilities, lease liability and long-term debt. The Company does not use derivatives to reduce exposure to foreign currency risk.

Liquidity risk

Liquidity risk is the risk the Company may encounter difficulties in meeting its financial liability obligations as they come due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis.

The Company controls liquidity risk through management of working capital, cash flows and the availability and sourcing of financing. The Company’s ability to accomplish all of its future strategic plans is dependent on obtaining additional financing or executing other strategic options by the second half of the year ending December 31, 2025; however, there is no assurance the Company will achieve these objectives (note 2).

The following table summarizes the Company’s significant contractual, undiscounted cash flows related to its financial liabilities.

The following table shows the calculation of basic and diluted loss per share:

The computation of diluted loss per share is equal to the basic loss per share due to the anti-dilutive effect of the share options, RSUs and DSUs. Of the 1,467,801 share options (September 30, 2023 – 1,470,823), 285,289 RSUs (September 30, 2023 – 497,728), and 66,670 DSUs (September 30, 2023 – 75,000) not included in the calculation of diluted loss per share for the period ended September 30, 2024, 1,344,109 (September 30, 2023 – 1,238,828) were exercisable.

Key management includes the Company’s directors and senior management team. The remuneration of directors and the senior management team was as follows:

Executive employment agreements allow for additional payments in the event of a liquidity event, or if the executive is terminated without cause.

The Company’s operations are categorized into one industry segment, which is medical technology focused on magnetic resonance guided ablation procedures for the treatments to ablate the prostate gland, uterine fibroids, osteoid osteoma and nerves for palliative pain relief for patients with metastatic bone disease. The Company is managed geographically in Canada, Germany, USA, China and Finland.

For the three months ended September 30, 2024:

For the nine months ended September 30, 2024:

For the three months ended September 30, 2023:

For the nine months ended September 30, 2023:

Other financial information by segment as at and for the nine months ended September 30, 2024:

Other financial information by segment as at and for the year ended December 31, 2023:

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